The value of altcoins in the cryptocurrency market has increased by thousands of times. For example, Shiba Coin reached its all-time high on the Binance exchange, showing a thousand-fold increase in its price since the beginning of 2021. PEPE Coin also experienced similar gains. However, these gains may be difficult for the largest cryptocurrencies with billions of dollars in market value.
XRP Coin was unable to reach the expected peak in 2021 due to its battle with the SEC, and during this process, it experienced an expansion in its supply. Nevertheless, some analysts argue that XRP Coin’s price could experience parabolic rallies. According to analyst JD, the long-term downward trend and the MACD indicator indicate an approaching parabolic rally. However, for this fluctuation, XRP needs to break out of a declining trend line. This event has only occurred once in XRP’s history, in early 2017.
After being released to the market in December 2013 and reaching a price of $0.0614, XRP formed a four-year downward trend line. It broke out of the trend line in March 2017, and both lines of the MACD indicator rose above the zero level. According to JD’s chart, XRP showed a 650-fold increase after the breakout, and the same situation could occur again.
Within a general downward trend, JD suggests that a parabolic rally is approaching for XRP Coin. If it happens, the price could break out of a six-year downward trend and potentially experience another parabolic rally similar to a 650-fold increase. On the other hand, technical analyst Cryptoes considers the cup and handle structure on the chart significant. This formation is seen as a rally signal after consolidation periods, indicating that XRP Coin’s price could increase.
XRP Coin’s price is currently facing the risk of losing $0.6 as it failed to surpass the challenging barrier of $0.65 in the short term. On the other hand, Bitcoin finds buyers at $38,700. The circulating supply of XRP Coin has increased by another 1 billion. As we mentioned before, the maximum supply is 100 billion, so the circulating supply is now 53.8 billion. If the price reaches $10, XRP Coin will need to have a market value of $1 trillion. Do you think XRP Coin can reach $10?
